It's impossible to say exactly as the final rate will depend on the amount and what type of income it is considered. Im Peter. I would rent for a while before buying. Personally Im a big fan of moving internationally to facilitate retirement. I could live a pretty comfortable lifestyle here for about $1,600/month or maybe even less. But is it a good fit for retirement? I looked into it a bit more and its best for foreigners to get an international health insurance policy. No problem. Hmm interesting stuff as I am considering my position in life too. But if you need to spend less, you can. Stray dogs are everywhere. Nice article. Insurance is affordable, and full coverage on a midsize late model car should run about 20,000 baht per year ($635). Golf $30-$60 depending on the golf course. Oh, I put ? Chiang Mai is the largest and most culturally significant city in northern Thailand. Beer is about 75 cents (US) for a 340 ml can of Cheers (as of May 2016). document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. The food looks great. Maybe you should get a hotel for a week or two to familiarize yourself. You could create a retirement overseas plan that allows you to enjoy the best months of the year in Thailand. Like many second world countries, regular reports of police corruption may worry some, but these problems always seem to exist where it's cheap. I don't plan to travel outside Thailand once I go back (unless I win the Thai Lottery!). The Philippines? Sorry, I dont have a good answer. There are many reasons why expats choose to move to Thailand; this includes the beautiful weather and the stunning scenery. "Poor electrical wiring standards" lol "Poor" implies that a standard exists to make a comparison to standards elsewhere. I retired and moved to Thailand one year ago. Thats just one person. This content was commissioned by Nikkei's Global Business Bureau. If you have been to Bangkok, you know it is extremely hectic there. Its clouding their judgement. Bowen spends $20 a month for high-speed internet plus $15 a month for an unlimited cellphone plan. I own property in ireland which i rent out and pay tax on profits. Asia is more expensive than Europe and the US for most modern day items these days. It really depends on the accommodation. Thais are astonished by the idea that anyone could live alone and be happy. I like South America too. My parents are pretty frugal. You need to pay taxes even if you dont have a work visa. You could potentially live a lot cheaper, as low as $1,000 a month, but you would probably have a difficult time. Put your thumb in the pie, your finger in your eye, and spend a night looking at the sky. Ill have to visit again. Thai markets also offer prepared foods, most commonly roast duck and chicken. Id love to live there for a while and explore more places. He paid about $3,500 for them. The country has a rich culture with delicious cuisine and friendly people. Most markets offer a wide variety of fruits, vegetables, herbs, spices and other cooking products. of course, I would have to keep 400,000 baht in the bank for the visa. Thanks for this article! An important point that you mention is the cost of medical care in Thailand. If the exchange rate goes back to 37:1 our USD expenses will also drop to about $2200 a month. Foreigners have to spend a lot of money to get a retirement visa or fly home periodically. I have been to Thailand many times, and I plan on retiring there very soon in the next few years (I will be in my 50s by then). Ive not tried bugs and dont think I ever will. Another example is that some Thai women see themselves as very old even if theyre only in their 30s or 40s, but in reality, they still look very youthful. Besides the application form, you need to have a picture of yourself and various parts of your passport. I have to complete an irish tax return for 2021. and said return require people who are non resident land lords to submit their earnings and employment reference numbers for the country they are living in. There are about 130,000 people living in the city itself and nearly 1 million people in the surrounding sprawl. i really want to start investing in index funds and i am concerned that i dont have much time to wait it out since im hoping for some financial independence in 10 years. And weve got an awesome (imo) public healthcare system. Thai deserts were my favorites. Your email address will not be published. The cost of alcohol can also add up quickly. The following countries all work out cheaper than Thailand for retirees: Singapore is very expensive at $946,993, as is Hong Kong at $871,578. This article oddly makes Thailand seem like any other place. . Healthcare, however, is the big mystery. Thats the beauty of retiring from your day job by 40 and creating the one you really want for the next 20 years. Going out to eat is ridiculously inexpensive, he adds. Its like Chiang Mai when I was a kid. Upon signing you'll typically hand over the first and last month's rent, plus a security deposit of one month. Im definitely going to have to visit Thailand after the pandemic is over. Less than a minute. Fixed. Now, he says, he and wife generally spend three months during Thailands rainy season traveling in Europe (COVID times being an exception). First, you have to obtain a non-immigrant visa by providing the Thai consulate with your passport and proof that you have enough funds. You just sweat it all off. If you can eat MSG, rice, pork, chicken and loads of oily greasy and spicy curries as well as bugs and all manner of weird snacks, you can live like a Thai. My girlfriends family has five sea front houses. I'm not judging either way. So you're looking for a woman about. Phuket is a great place to visit. If he had to rent, itll probably be closer to $2,000. You could rent the same motorbike for about 3,000 baht ($95) per month. one in university and one will go in a year. Thailand is a famous destination for retiree's, digital nomads and single man travelers. Share a table. Southern Thailand would be a great option for us too. Im very curious to find out because we are planning to live in Chiang Mai for a few years after Mrs. RB40 retires. Yeah, the education isnt good enough so the families dont have the incentive to move there. All you need is a valid passport and a return trip scheduled before you enter the country. The financial requirements are: Bank account with THB 800,000 or. Those being how I live, and what I eat. Ive been thinking more about central and South America. + Find a Job For a single guy, thats an extremely comfortable income to live in in Bangkok, if youre not a drunk or rabid consumer of whats available in the Thai bars. Wise is the cheapest and fastest way to send money to Thailand. This amount covers most areas, but if you are situated in Phuket or Bangkok, a single man would need at least $1200 or more. I did not have any problems eating at local food stalls. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any users account by an Adviser or provide advice regarding specific investments. What attracts people to these shores is the beautiful weather and be. I even have thoughts of just doing that (going back to Thailand) until the well runs dry and then saying bye-bye to this Earth. He owns a car a 10-year-old Mazda 2 with only 15,000 miles but says he uses a motor scooter around town. Renting before you consider a property purchase is a good idea. She stole many things from his house, including valuable jewelry and even cash. Whats your interest rate on the student loans? It's how I started learning. Therefore, as an estimate as a single man living in Thailand, you would need at least $900 $1200 a month. I wonder why Thai products are cheaper in the UK. There are more relaxing spots in Thailand too. I dont even spend $4000 a month in my Washington DC suburb and I pay mortgage and child support. Prices for alcoholic beverages are inflated thanks to import duties and taxes. Even more ubiquitous than tuk-tuks are the bright red "baht buses" or songtaews. I havent done that yet because its a long way off. Twenty years isn't too much of an age gap given your age. Bowen says his monthly budget of $2,500 is covered by his Social Security check of $1,800 plus investment income. These issues can become a threat to the safety of children. Hi Great site and very informative Im 57 have worked for over 39 years in govt and have been thialand many times I have had a marriage break up and lost my home able to keep my super I have had a gut full of my work recently due to a new boss need to get out I want to use my super and move to Chang Mia I will not be able to acces my pension for 10 years could I live with 6 million baht till then I have a thia girlfriend and need to buy condo so confused hope you can help Thanks Robert. VerticalScope Inc., 111 Peter Street, Suite 600, Toronto, Ontario, M5V 2H1, Canada. The rent will be affordable and you can take a few years to see if its the right move for you. Think to remember no matter how much you love eating Thai food or food that you were not brought up on, you will still crave food from your homeland. Best Parent Student Loans: Parent PLUS and Private. For US$3,000, or THB105,000, a single person would live quite comfortably in Thailand. So if you like Thai food there is really no reason to spend a lot on your food. Here's how that person could spend that amount each month. George Town, Malaysia. The language (Thai) is notably difficult to learn for those from Western countries. Of course, booking a girl for your Thailand holiday does not mean treating them like a commodity, but treating them with respect, as you would like to be treated. $2,200 is pretty good. to learn how you can update your cookie settings. It would be tough to leave this close community at this point.. There are many affordable public transportation options in Thailand. Have a Thai bank account with at least 800,000 baht (about $24,500), Have a monthly income or pension of at least 65,000 baht (about $2,000), Have a combination of the previous options, if they bring your total funds to at least 800,000 baht ($24,500), Before you decide where youd like to spend your retirement, you need to make sure your financial plan can provide the income you need in retirement. If you arent comfortable being around these types of critters, make sure you research Thailand a bit before moving. Thailand also has agreements with a number of other countries to ensure that you dont pay taxes twice on your income. I think the utilities probably cost another $100 extra. + Find a TEFL Course (Photo by George Styllis), Thailand's battle to drive down currency will not end well, Thailand keeps doors open to Chinese tourists, Thailand's famed 'Rose of the North' is wilting, Thailand GDP growth slows to 2.4%, lowest in five years, Thailand confirms first human-to-human spread of coronavirus, Thailand cuts interest rates to record low as coronavirus spreads, Thai banks give coronavirus-hit borrowers one-year moratorium, Thailand's budget delay seen exacerbating economic woes, Japan's capital spending up 7.7% despite weaker profits, China manufacturing expands at fastest pace since April 2012, Australia economy slowed in Q4 as headwinds mount. However, Id just as soon be within the borders of the US with its amazing depth and breadth of resources, than Thailand. Joe. Fundamentally two reasons. So how do these costs translate to your monthly budget? Check out the reality from someone who knows before you decide your romantic view of a foreign culture is the truth! Here's what you need to know about retirement in Thailand. Just found your website, and along with most of the other subject blogs on it, is current, informative and relevant. Hair cut with shampoo + scalp massage $7 men, $20 women. Its up to her. My dad guesses they spent around $25,000 to deal with the stroke and the aftermath. Thats a law that dates back to the Vietnam war. But how does this translate to the real world? I lived there for half a year and its wonderful to live in the tropics. Thanks for sharing these budget numbers! $3,400 per month is approximately the pay out for 100% VA disability. I dont know if we can live in the booney, its too boring there. I still shuttle between the US and the Philippines since I have businesses and properties in both places and also a house in Thailand. Although foreigners cannot own land directly, many buy houses with 30-year extendable leases on the ground the house sits on. Yeah, its not that cheap to live a comfortable lifestyle. Cuenca, Ecuador is the #1 retirement abroad destination. While not the cheapest country in Central America, Costa Rica still does have a much lower cost of living than the U.S. website. You're probably thinking that Portugal, Italy and Mexico look like pretty good options, but you like Asia, right? Ill check it out. I do not agree on counting dimes on a daily basis to save a penny so that at the end of the month I can splurge on an indulgence either with saved change at the end of the month. Now you can get a retirement visa thats valid for a year. Kamala Beach has a small but closely knit expat community, he says. You have to provide a letter from the bank showing proof of deposits. If you still have assets and family back home, that 13-hour trip (for me) gets increasingly tiresome with age, particularly dealing with the jetlag. What about Vietnam? Foreigners cannot own land. Whew, I dodge that bullet. Its on my list, although Im not sure when it will happen. For example, when we arrived 2 1/2 years ago the exchange rate was 37:1 but now it is 32:1 (and was as low as 28.5:1 a few months back). We may receive a referral fee if you sign up through the links on Retire By 40. Touching base again. According to March 2022 Numbeo, a site that collects cost of living data from around the world, the average cost of living . Thailand has very high road traffic accident levels and, depending on where you're living, pollution can also pose a hazard to your health. You can claim the tax paid on bank interest in Thailand by going to the tax office and filling in a tax return. Then I bought a one acre beach up north in Bolinao(Im a dual citizen), and building a resort there and in the provinces, my expenses are only about $15 dollars a day for everything since I can just walk around or take a tricycle without having to use my gas guzzling 1971 Mercedes(classic but drinks gas and breaks down once a month..lol). Chiang Mai is a little calmer and you dont have to deal with gridlocked traffic all the time. From when to retire to how much to save, here are expert-backed answers to crucial retirement questions. If you eat local, and live like a local and not an expat, it will be much cheaper. + Check Cost of Retirement We have almost no mosquitoes year round. I have been thinking about retiring in Thailand as the cost of living is lower than that of my home country Malaysia. Ride a bus, a train, and even a ferry. Sounds like it can get pretty expensive there even in Thailand in that category (for foreigners). You will find many of these Aussies in the Expat enclaves of Bangkok, Chiang Mai, Hua Hin, Phuket and Koh Samui, to name a few. However, do not expect to find English to be spoken or understood everywhere you go. About a week ago we had a meteor shower. But then again if I were going to have that much in retirement funds I would just retire in beautiful San Luis Obispo, California where Ive spent most of my life. I use it and so do many of my readers. In Thailand they START AT 7 and go to maybe 15. I just know a little because my parents live there. There are many temples, festivals, and activities to do around Chiang Mai. NET Paid monthly or quarterly One of the most important decisions you will ever make in terms of retiring in Thailand is where you will live in the Kingdom. Americans are living longer than ever, and that creates some challenges for retirees. I want to know, what people are saying and I want to be a full part of society there instead of being a tourist or bystander. 55 Vs 35. After he married, he couldnt get a U.S. visa for his wife to meet family, and theyve only been able to meet her on Zoom. Canada is also a good option for health care. I used my parent and their Japanese retiree friends as the study cases back then. Education is pretty limited. Trouble is that since the property is in her name (his if you are female), they can jut divorce you without warning and leave you fat, dumb and not so happy. Therefore, we will be exploring these two categories from a single mans point of view. The permit application is relatively simple. And it was fun. . But even as he headed to Phuket, he kept his options open. It takes 24 hours of flying to get home. My wife and I did most of our international travels with my small company in the 80s and 90s so we no longer feel the need to travel around the globe now that we are retired. As to condo ownership the total ownership by farang cannot exceed 50% but if you own it, they wont force you to move if thru some quirk (a bit of tea money can work wonders) the farang ownership % exceeds 50% I spend about 3 months/year in 6 week segments 6 months apart in Thailand generally in Pattaya and traveling to Chanthaburi every other weekend and have a pretty good command of pa-sa Thai even if only 4000 words. Global economic shifts have devalued some Western currencies and made Thailand more expensive. I really love your comment. But this is surprisingly accurate. So basically, taxes and insurance. Right okay. For Thai families, the household motorbike is an indispensable necessity, and many foreign retirees and expats come to feel the same way. Its extremely helpful that they use USD and there was a sample budget up somewhere where Americans could live off of the average SS check ($1200) and have a maid and eat out all the time. How do you do that you ask? You can also pay 8k for a very modern studio apartment, or 35k for a 2 bed. This application is similar to the initial application with some additional requirements. Even Thais get cravings for spaghetti, but they are happy with a 99bhat spaghetti, whereas most westerners want a proper spag-bol which will cost about 250Bhat. Two of the most significant reasons are the overall cost of living in Thailand and the dating scene. Some people have a few beers twice a week, and others drink a few beers every night. I wont be wealthy, but I wont be worrying about where the next dollar will come even if I dont work another day in my life. I personally quite like Vietnam, but I just don't get the same vibe there as I do in Thailand. To live like that is to live a life short changed, and to be forever wondering Is this all?. Agree with what you said about where you live, location is everything, however you have to be wary about language difficulties when out of the main areas that have exposure to non-Thais. As it happens, this isnt much more than the average Social Security benefit. Its hot and humid, but its better than Bangkok. For more active retirees, you can visit beautiful temples or go for a hike. Patients are flown from all over Asia for life-saving and one-of-a-kind procedures that can only be performed in Bangkok. . Sorry, I dont know much about the law. And almost 100% will never take the effort to learn the language of their adopted home!!! JavaScript is disabled. If they need more extensive care like specialized surgery, then maybe they might use private care later. You probably are entitled to some pension if you were in the army and worked in the UK in other jobs. Tinder and other popular dating applications are booming in Thailand! Great and informative post as usual; especially it helps me a lot as I plan to spend sometime in Thailand myself after I retire! Only downside for me is that I find the heat/humidity a bit testing. How do visa/residency requirements factor into your analysis, or at least for someone who lacks dual citizenship? Cheap hotels in Chiang Mai with daily room servicing are around $80 USD per week. This estimate often only includes the basic living expenses and does not consist of extras such as sending money back home, Netflix subscription, etc. 75% will never buy adequate medical coverage (will spend $1000s to fly home if needed, but will not spend 1/3rd of that for annual coverage that is 100% better than US medical services). Says his monthly budget and full coverage on a midsize late model car should run about 20,000 baht year... Office and filling in a tax return thats the beauty of retiring from your day job by and. 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Like a local and not an expat, it will happen central and South America baht $!